Techniques are provided for managing the power consumption and performance of a processing device. Power consumption and utilization ratios for a processing device may be continuously measured. The measured power consumption and utilization ratios may be compared to target power consumption and utilization ratios to adjust an operating frequency of the processing device. In one implementation a power controller may take the target and measured power consumption as inputs to generate a power output and a utilization controller may take the target and measured utilization ratios as inputs to generate a utilization output. The lower of the power output and the utilization output may be selected and used to adjust the operating frequency of the processing device. The power and utilization controllers may implement a proportional-integral control scheme.